Wonderland failed, says DeFi co-founder.
Daniele Sestagalli, co-founder of Wonderland, the decentralized finance (DeFi) protocol, said the project is coming to an end. “This is clear with, with the vote, that the community is divided. If we can’t come to an agreement on whether to continue or not, it means we’ve failed,” he said. The vote came after he asked his former partner and criminal, Michael Patryn, to leave the project.
This request happened last week. Patryn handled Wonderland’s finances and uses the alias ‘0xSifu’. Turns out he’s already changed his name several times and in the last week he’s been found to be a criminal. That’s because he was the co-founder of QuadrigaCX, a Canadian crypto exchange that went bankrupt. And before that, he had already been convicted of credit card fraud. In addition to being accused of other crimes in the 2000s.
Wonderland was built on the Avalanche platform. According to Sestagalli, the protocol team’s obligation is to do the will of whoever has the network’s tokens. The vote was close to 50/50. So there’s only one way, “which is to repay and find a new home for anyone who feels connected and in line with Frog Nation Vision.”
He also stated that he “does not agree with the continuation of the experiment. I’m working with the team on a new proposal. I realized this because last night (27), and for the first time, I saw less toxic scenarios with more future”. He also stated that he does not support Sifu’s actions on Discord. According to him, Wonderland may end, but Frog Nation is still alive.
TIME, Wonderland’s currency, has a total market value of BRL 117.2 million. The value started to recover last night after Sestagalli’s tweets. The coin has plummeted last week to about a third of its value. It reached the range of R$ 1,800. This morning (31), it was around R$2,200, even less than half of the R$4,700 at the beginning of last week.